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First Asset Update on Can-Series Fund Amalgamation Transactions

/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA./

TORONTO, April 5, 2016 /CNW/ - Further to its press release dated February 25, 2016, First Asset Investment Management Inc. ("First Asset") announces that it has filed a final prospectus dated April 1, 2016 in connection with the pending amalgamations involving First Asset Fund Corp., First Asset Core Fund Corp., Can-Financials Income Corp. and CanBanc 8 Income Corp. (the "Amalgamations").

First Asset anticipates implementing the Amalgamations on or about April 25, 2016 (the "Effective Date"), subject to obtaining all necessary regulatory and third party approvals.

On the Effective Date, shareholders of First Asset Core Canadian Equity Income ETF, Can-Financials Income Corp. and CanBanc 8 Income Corp. will each become shareholders of a separate exchange traded fund share class of a single mutual fund corporation to be known as "First Asset Fund Corp." Each such share class of First Asset Fund Corp. will trade independently under its own TSX ticker symbol, will have its own specific investment objectives and strategies and will be referable to its own separate portfolio of investments as described below.

Upon completion of the Amalgamations:

First Asset CanBanc Income ETF (TSX: CIC) will change its name to "First Asset CanBanc Income Class ETF", with its investment objectives, strategies and restrictions unchanged;

First Asset Core Canadian Equity Income ETF (TSX: CSY) will change its name to "First Asset Core Canadian Equity Income Class ETF" ", with its investment objectives, strategies and restrictions unchanged;

Shareholders of CanBanc 8 Income Corp. (TSX: CBF) will become shareholders of First Asset CanBanc Income Class ETF (TSX: CIC); and

Shareholders of Can-Financials Income Corp. (TSX: FIC) will become shareholders of First Asset MSCI Canada Quality Index ETF (TSX: FQC). This ETF's investment objective will be to replicate, to the extent possible, the performance of the MSCI Canada Quality Index (CAD) (the "Index"), net of expenses. The Index is based on the MSCI Canada Index, its parent index, which includes large and mid-cap stocks of the Canadian equity market. The Index aims to capture the performance of quality growth stocks by identifying stocks with high quality scores based on three main fundamental variables: high return on equity (ROE), stable year-over-year earnings growth and low financial leverage.

In connection with the Amalgamations, CanBanc 8 Income Corp. (TSX: CBF) will implement a special redemption right. Shareholders who wish to exercise the redemption right must provide notice by no later than 5 p.m. (EST) on April 15, 2016. Shareholders are advised to inform their advisor or other intermediary in advance of April 15, 2016 of their desire to redeem their shares as their advisor or other intermediary may have an earlier cut-off deadline. Shareholders who redeem their shares of CanBanc 8 Income Corp. will receive the net asset value per share of the Fund on April 18, 2016. The proceeds of the special redemption will be paid on or before April 22, 2016.

Please read the prospectus before investing. Important information about each ETF is contained in its prospectus. Individuals should seek the advice of professionals, as appropriate, prior to investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be associated with an investment in ETFs. First Asset ETFs are managed by First Asset Investment Management Inc., a subsidiary of First Asset Capital Corp. (FA Capital). ™First Asset and its logo are trademarks of FA Capital, a wholly owned subsidiary of CI Financial Corp. which is listed on the Toronto Stock Exchange under the symbol "CIX". ®CI FINANCIAL is a registered trademark of CI Investment Inc., used under license.

First Asset MSCI Canada Quality Index ETF and the securities of that fund or any other fund referred to herein are not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to any such fund or securities or any index on which such fund or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with First Asset Investment Management Inc. and any related funds.

SOURCE First Asset Close-End Funds

For further information: please call Investor Relations, First Asset at 416-642-1289 or 1‐877‐642‐1289 or visit www.firstasset.com.